That includes through the GFC as well as several smaller adverse cycles.  

It does not mean I was wrong about the increased risk, but increased risk does not mean the adverse outcome will occur.  

@Victoria Taylor how risk adverse are you?

Then move on.Go to Google and search for "adverse action notice" and you'll find plenty of examples like the one below.

Whenever you subtract inventory and reduce the housing stock you get the adverse effects you'd expect.  

Few actually know how to actually underwrite it and have guidelines that aren't adverse for investors.  

Very well said, Dan.Of course just like any industry there are less competent operators and even downright fraud actors, but the vast majority of experienced operators (especially the ones that have been around the block a few times and survived adverse market cycles) are working with the investor's best interests in mind and strive to produce the best result possible under whatever circumstances they are dealt, even when the going gets tough. 

@Srinath Gopinathan in my experience your generic lawyer is too risk-adverse and or trying to make a buck by overcomplicating a situation. 

Every condition that is adverse in real estate has a positive side to it.

Attached is a copy of the auction description for your reference.Title & Liens: Property is sold with title of record, free and clear of adverse liens or encumbrances at closing.I am checking with the municipality to verify if there are any open violations.